Sunday, July 14, 2024

Integrated Cyber, Essential for Every Business

Date:

 ‘Smart Cities” use various software, user interfaces and communication networks alongside the Internet of Things (IoT) to deliver connected solutions for the public. Of these, the IoT is the most important. The IoT is a network of connected devices that communicate and exchange data.

How is AI used to tackle cybercrime? In cybersecurity, AI is frequently used to distinguish “good” entities from “bad.” AI-powered security systems offer real-time alerts to potential threats and continuously monitor networks, devices, and applications, removing dangerous human delay and response.

Investors would agree that a cybersecurity component would be critical. Keep reading. 

Since its inception, the Digital Dubai Office has launched over 130 initiatives in partnership with government and private sector entities. Some key initiatives include the Dubai Data Initiative, the Dubai Blockchain Strategy, the Happiness Agenda, the Dubai AI Roadmap and the Dubai Paperless Strategy.

Sobering up

Revenue in the cybersecurity market is projected to reach US$166.20 billion in 2023. Security Services dominates the market with a projected market volume of US$87.97 billion in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 10.48%, resulting in a market volume of US$273.60 billion by 2028.

By 2030, cybercrime revenue will reach USD10.5 trillion. By no means a small market, that growth is 25% higher than the current market. That’s a merde a load of money. Not to mention the physical cyber damage potentially done.

Salient Initiatives

  •  a challenge between Dubai’s government and semi-government data strategy partners to accelerate the collection and submission of data.
  • The ethical AI Toolkit has been created to provide practical help across a city ecosystem
  • committed to transforming the UAE into a new testbed for startups and entrepreneurs.
  • Innovative technology and innovation, we have prioritized happiness as our primary goal.
  • (AI) Smart Lab accelerates its way toward becoming the most innovative city in the world.
  • (AI) Smart Lab accelerates its way toward becoming the most innovative city in the world.
  • Dubai government will go completely paper-free, eliminating more than 1 billion pieces of paper.

Security Services dominates the market. Because I know you are curious, the top 15 smart cities are; 

Zurich, Oslo, Canberra, Copenhagen, Lausanne, London, Singapore, Helsinki, Geneva, Stockholm, Hamburg, Beijing, Abu Dhabi, Prague, and Amsterdam.

Dubai has retained its top spot in the Middle East and North Africa region regarding global engagement after ranking 23rd out of 156 cities in this year’s Global Cities Index.

It is the third consecutive year that Dubai has claimed a spot in the top 25 of the index, management consultancy Kearney said. Globally, the region is in 50th place. 

Combining these and other functions into a single, connected infrastructure to create more efficient, intelligent systems requires balancing smart cities and cybersecurity. More innovative communities are vulnerable to a city cyber-attack because of the increased connectivity across multiple functions.

What kind of attacks? More straightforward to list what will not be attacked. Short, likely nonexistence list.

I would also bring your attention to this Deloitte piece, which, while it must make you an expert, will pretty definitely give investors the consequences of eschewing a cybersecurity system. The potential catastrophic risk to Smart City technology is both obvious and frightening.

According to our survey, not all smart city technologies pose equal risks,” the authors wrote. “Cybersecurity experts judged emergency alerts, street video surveillance, and smart traffic signals to be riskier than other technologies in our study. Local officials should, therefore, consider whether cyber risks outweigh the potential gains of technology adoption on a case-by-case basis and exercise particular caution when technologies are both vulnerable in technical terms and constitute attractive targets to capable potential attackers because the impacts of an attack are likely to be great.”(UC Berkley 2021)

While size matters, some outstanding juniors demonstrate the more important characteristic, innovation.

Integrated Cybersecurity (ICS: CSE) manages services to small-to-medium businesses and small-to-medium enterprise segments. Its proprietary services include managed detection and response, endpoint detection and response, vulnerability management and assessment, penetration testing, dark web scanning, remediation, security awareness and training, and cybersecurity.

New-ish-ly listed on the CSE, the shares are beginning to attract attention.

“Say goodbye to segmented cybersecurity and hello to a comprehensive solution with IC360, a platform that helps you secure your cyber technology stack by cross-correlating information across multiple siloed software and hardware solutions.” (ICS Website

Bears Repeating;

The Embroker blog states some sobering cyberattack stats;

  • Attacks set to double from 2023 to 2025
  • Attack detection only .05% in the U.S.
  • Cybercrime up 600% since Covid
  • cybercrime represents the most significant transfer of economic wealth in history
  • 43% of attacks target small businesses 
  • Only 14% cyberattack ready

An ICS product/program could save the world.

Or you.

Bob Beaty
+ posts

For over 30 years, Bob Beaty has been explaining concepts and companies to the global investment community. One of the original writers for Jim Cramer’s Thestreet.com, he also wrote for AOL (Can/US), the Globe and Mail, and the Huffington Post. Over that period, he illuminated small-cap companies to investors with wit and pith but mostly opinion and facts. Investing should be fun. Pedantic, staid content is no fun.

Before embarking on his writing career, Bob had a successful international journey in the finance industry. He served as a broker, derivatives product manager, and a Director of London's Credit Suisse subsidiary. His career spanned across major financial hubs including Toronto, Vancouver, and the UK, giving him a unique global perspective. (He is still fondly remembering those English client lunches.)

Other than everything Groucho Marx and George Carlin ever said, Bob lives by a simple credo;

‘Never do anything the person standing in front of you can't understand.’ Hunter S. Thompson.

Let’s go.

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